Molbio Diagnostics
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 186.39×
- Big non-institutionalbNII · above ₹10 lakh
- 50.82×
- Small non-institutionalsNII · ₹2–10 lakh
- 47.50×
- Retail individualRII · up to ₹2 lakh
- 12.40×
- Employeesreserved quota
- 12.82×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 14 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 17 Aug 2026 | ₹116 | +14.37% | ₹1,600 | ₹923 | ₹2,088 |
| 16 Aug 2026 | ₹120 | +14.87% | ₹1,600 | ₹927 | ₹2,160 |
| 15 Aug 2026 | ₹125 | +15.49% | ₹1,700 | ₹932 | ₹2,250 |
| 14 Aug 2026 | ₹115 | +14.25% | ₹1,600 | ₹922 | ₹2,070 |
| 13 Aug 2026 | ₹156 | +19.33% | ₹2,100 | ₹963 | ₹2,808 |
| 12 Aug 2026 | ₹154 | +19.08% | ₹2,100 | ₹961 | ₹2,772 |
| 11 Aug 2026 | ₹138 | +17.10% | ₹1,900 | ₹945 | ₹2,484 |
| 10 Aug 2026 | ₹127 | +15.74% | ₹1,700 | ₹934 | ₹2,286 |
| 09 Aug 2026 | ₹132 | +16.36% | ₹1,800 | ₹939 | ₹2,376 |
| 08 Aug 2026 | ₹130 | +16.11% | ₹1,800 | ₹937 | ₹2,340 |
| 07 Aug 2026 | ₹180 | +22.30% | ₹2,500 | ₹987 | ₹3,240 |
| 06 Aug 2026 | ₹220 | +27.26% | ₹3,000 | ₹1,027 | ₹3,960 |
| 05 Aug 2026 | ₹170 | +21.07% | ₹2,300 | ₹977 | ₹3,060 |
| 04 Aug 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 10 Aug 2026 – 12 Aug 2026
- Listing date
- 17 Aug 2026
- Face value
- ₹1 per share
- Price band
- ₹768 – ₹807
- Lot size
- 18 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹940 Cr
- Fresh issue
- ₹200 Cr 24,80,246 shares
- Offer for sale
- ₹740 Cr 91,66,000 shares
- Market cap at offer price
- ₹9,300 Cr
- Promoter holding
- 44.89% → 41.29% pre-issue → post-issue
- ISIN
- INE869T01028
- CIN
- U33125GA2000PLC002909
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Kotak Mahindra Capital Co.Ltd.
- Registered office
- Plot No. L-46, Phase II-D, Verna Industrial Area, Verna, Salcete, South Goa 403 722, Goa, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 23,25,145 | 28.57% | 28.50% |
| Anchor investor · within QIB | 34,87,717 | — | 42.75% |
| NII (HNI) | 17,43,860 | 21.43% | 21.37% |
| bNII > ₹10L · within NII | 11,62,574 | — | 14.25% |
| sNII < ₹10L · within NII | 5,81,286 | — | 7.12% |
| Retail (RII) | 40,69,005 | 50.00% | 49.87% |
| Employee | 20,519 | — | 0.25% |
| Market maker | 0 | — | 0.00% |
| Total issue | 81,58,529 | — | 100.00% |
Net offer to the public of 81,38,010 shares, out of a total issue of 81,58,529. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 18 shares per lot, in multiples, at ₹807
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 18 | ₹14,526 |
| Retail (max) | 13 | 234 | ₹1,88,838 |
| S-HNI (min) | 14 | 252 | ₹2,03,364 |
| S-HNI (max) | 68 | 1,224 | ₹9,87,768 |
| B-HNI (min) | 69 | 1,242 | ₹10,02,294 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹807 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 14.56 | 14.24 |
| P/E (×) | 55.43 | 56.67 |
| Price to book (×) | 9.55 | — |
| Market cap | — | ₹9,300 Cr |
Key performance indicators
Latest reported period, standalone
- Return on net worth
- 15.23%
- ROCE
- 20.98%
- PAT margin
- 13.48%
- EBITDA margin
- 24.97%
- NAV per share
- ₹84.51
- Price to book
- 9.55
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Standalone ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 1,455.17 | 1,027.94 | 840.66 |
| Revenue from operations | 1,445.69 | 1,020.42 | 836.56 |
| Other income | 9.48 | 7.52 | 4.1 |
| Total expenses | 1,221.35 | 820.41 | 657.83 |
| Operating profit | 233.82 | 207.53 | 182.83 |
| Operating margin | 16.07% | 20.19% | 21.75% |
| Profit before tax | 231.14 | 194.43 | 129.64 |
| Profit after tax | 164.14 | 138.58 | 83.54 |
| PAT margin | 11.28% | 13.48% | 9.94% |
| Balance sheet | |||
| Total assets | 2,148.42 | 1,461.56 | 1,221.06 |
| Current assets | 1,384.84 | 929.83 | 823.16 |
| Current liabilities | 557.36 | 441.66 | 342.76 |
| Total liabilities | 839.65 | 494.27 | 392.22 |
| Net worth | 1,308.78 | 967.29 | 828.84 |
| Current ratio | 2.48× | 2.11× | 2.40× |
| Return on equity | 12.54% | 14.33% | 10.08% |
| Cash flow | |||
| Operating cash flow | 50.39 | 287.1 | 9.57 |
| Investing cash flow | -93.22 | -122.65 | -45.01 |
| Financing cash flow | 276.07 | -26.15 | -31.55 |
| Net cash flow | 233.23 | 138.3 | -66.99 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding capital expenditure towards the setting up of infrastructure for a research and development facility and Center of Excellence which will be operated by wholly-owned Subsidiary, Bigtec and connected office space ₹106 Cr
The company proposes to establish infrastructure for research and development facility, Center of Excellence to be operated by Bigtec, and connected office spaces for employees and consultants. The facility will have approximately 150,000 square feet built-up area to consolidate all R&D functions under one roof.
2 Funding capital expenditure towards the purchase of certain plant, machinery and other equipment for Goa Unit I, Goa Unit II and Visakhapatnam Unit ₹72.28 Cr
The company intends to purchase plant, machinery and equipment to facilitate automation at manufacturing units. This includes automatic precision liquid micro-volume filling machines, screening machines, pick & place machines, and product assembly and packing machines to reduce manual dependency and manufacturing costs.
3 General corporate purposes —
The company proposes to utilize funds for general corporate purposes and business requirements including meeting ongoing contingencies, expenses in ordinary course of business, funding growth opportunities, strategic initiatives, and other purposes as approved by the Board, subject to not exceeding 25% of Gross Proceeds.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Exxora Trading LLP | — | 18,11,000 | — |
| Dr. Chandrasekhar Bhaskaran Nair | — | 12,21,000 | — |
| Abdul Qadir Mohamed Theruvath | — | 48,000 | — |
| Chewbacca Services Limited | — | 1,93,000 | — |
| J. Guru Dutt | — | 9,02,000 | — |
| Gopalkrishna Mangalore Kini | — | 11,25,000 | — |
| Gopalakrishna Sampathgiri | — | 9,02,000 | — |
| India Business Excellence Fund III | — | 10,00,000 | — |
| M Ganesh Kamath | — | 17,000 | — |
| M.A. Rohit | — | 2,48,000 | — |
| M.A. Sharath | — | 2,02,000 | — |
| M.A. Usha Rani | — | 4,51,000 | — |
| Sangeetha M Kini | — | 4,52,000 | — |
| Shaheeda Abdul Kader | — | 97,000 | — |
| Shruthi G Kini | — | 2,26,000 | — |
| Sujay Limited | — | 1,93,000 | — |
| Vivek Devaraj | — | 78,000 | — |
17 sellers offering 91,66,000 shares.
About Molbio Diagnostics
Molbio Diagnostics Limited is a molecular diagnostics company founded in 2000 and incorporated in Goa, India. The company specializes in developing and manufacturing point-of-care (POC) diagnostic platforms, primarily the 'Truenat' platform, and test kits for detecting infectious diseases such as tuberculosis, COVID-19, Hepatitis B and C, HIV, and HPV. The company operates multiple manufacturing facilities in Goa, Bengaluru, and Visakhapatnam, with an R&D subsidiary, Bigtec Private Limited, based in Bengaluru. Revenue is generated primarily from the sale of diagnostic devices and test kits to Indian central and state government health programs, international aid agencies, and private healthcare operators. The company earns revenue through device sales, test kit sales, and collaborations with other diagnostic solution providers. It has also invested in and acquired stakes in complementary diagnostics businesses including Prognosys Medical Systems (radiology products), Prognosys Healthcare (India), OptraScan (digital pathology), and maintains an associate stake in Chayagraphics (India).
Management
Sriram Natarajan
CEO
Dr. Chandrasekhar Bhaskaran Nair
CTO
Sangeetha Sriram
Director of Operations
Dr. Arun Kumar Jha
Director
Dr. Balram Bhargava
Director
Nupur Garg
Director
Manan Bimal Khokhani
CFO
Darshan Raghunath Karekar
Director
Shiva Sriram
Director
Dr. Kuldeep Singh Sachdeva
Director
Indraneil Borkakoty
Director
Dr. Abhay Raorane
Director
Dr. Sivakumar Selvaraj
Director
Dr. Praveen Kumar M.K.
Director
Mahendra V. Salunke
Director
Goli Udaya Bhaskar
COO
Sarah Sarika Frias Oliveira Fernandes
Director of HR
Reeti Desai Hobson
VP of Sales
Strengths
As stated in the offer document
Well placed to address unmet demand in a large and growing molecular diagnostic market with gaining credence of point-of-care testing
The company's 'Truenat' platform enables screening and diagnosis for 30 infectious and non-communicable diseases. The global POCT market stands at USD 29.3 billion and is projected to grow at CAGR of 17.9% between 2025 and 2030 to USD 67.1 billion by 2030.
Innovative, R&D focused business
The company has strong in-house R&D capabilities with 153 permanent employees including 136 scientists. R&D expenditure was ₹ 874.56 million, ₹ 685.69 million and ₹ 597.77 million in Fiscals 2026, 2025 and 2024 respectively, representing 6.05%, 6.72% and 7.15% of revenue from operations.
Developed and commercialized a novel portable multi-disease point-of-care molecular diagnostics platform
The company has developed 'Truenat' platform comprising Trueprep universal nucleic acid extraction device and Truelab analyzer. The platform delivers results in approximately 60 minutes with higher sensitivity and specificity compared to conventional diagnostic methods.
Scalable business model with strong entry barriers, high proportion of recurring revenues and a growing suite of tests
The company's 'Truenat' platform is a closed system designed to work exclusively with their range of test kits ensuring recurring demand. The company operates in an oligopolistic market with high entry barriers, evidenced by 13 years of R&D to obtain ICMR certification.
Strategic collaborations and acquisitions enhancing capabilities and offerings
The company acquired 65.47% of Prognosys in March 2023 for radiology capabilities and 60.00% of OptraScan INC in October 2024 for digital pathology solutions. These acquisitions enable end-to-end screening and confirmatory tests for infectious diseases at point-of-care.
Management team with deep domain expertise and track record of delivering strong financial performance
The company's Promoter and CEO Sriram Natarajan has 35 years of experience in developing diagnostic devices, while CTO Chandrasekhar Nair has 34 years of experience in translational research. The management team has delivered strong financial performance with consistent revenue growth.
Risk factors
As stated in the offer document
Heavy Dependence on Government and International Aid Agencies
The company derives 84.56%, 87.83% and 91.60% of its revenue from Indian central and state governments and international aid agencies in Fiscals 2026, 2025 and 2024 respectively. Any unfavorable policy changes or decreased funding for public healthcare programs may significantly impact product sales and adversely affect business operations.
Concentration Risk from Tuberculosis Test Kits
The company derives 70.20%, 69.11% and 62.40% of its revenue from tuberculosis diagnostic test kits in Fiscals 2026, 2025 and 2024 respectively. Any decline in demand for TB test kits due to policy changes, alternative diagnostic methods, or supply chain disruptions could adversely affect financial performance.
Research and Development Investment Risk
The company invested ₹874.56 million (6.05% of revenue) in R&D in Fiscal 2026 and intends to continue substantial investments. The company cannot assure that R&D efforts will result in successful development and government approvals for new tests, which could adversely affect business results.
Subsidiary Losses and Negative Cash Flows
Key subsidiaries including Prognosys Medical Systems, Prognosys Healthcare and OptraScan INC have incurred losses, with OptraScan INC reporting losses of ₹111.42 million in Fiscal 2026. The company may be required to fund subsidiary operations, subjecting it to additional liabilities.
Intellectual Property Protection Risks
The company relies on patents, trademarks and confidentiality agreements to protect intellectual property. Patent applications may fail to result in issued patents, and existing patents may be insufficient to provide meaningful protection or competitive advantage against competitors.
Regulatory Compliance and Licensing Dependencies
The company's operations are subject to extensive government regulation requiring numerous statutory permits and approvals. Failure to obtain, maintain or renew required licenses could restrict marketing and selling of products and may result in sanctions or penalties.
Manufacturing Capacity Under-utilization
The company's capacity utilization fluctuates significantly - Truenat Device utilization was 42.30% in Fiscal 2026 compared to 58.89% in Fiscal 2025. Under-utilization over extended periods could increase cost of production and operating costs, adversely impacting financial performance.
Working Capital and Debt Financing Risks
The company has significant working capital requirements with working capital days of 166 in Fiscal 2026 and total outstanding borrowings of ₹4,225.01 million as of May 31, 2026. Inability to meet debt obligations or financial covenants could adversely affect business operations.
Customer Concentration Risk
The company's top 10 customers accounted for 83.26%, 83.62% and 78.54% of revenue in Fiscals 2026, 2025 and 2024 respectively. Loss of major customers or decline in demand from them could have adverse effects on business and financial condition.
Leasehold Property Dependencies
All manufacturing facilities, R&D units and corporate offices are located on leased land rather than owned property. The company cannot assure ability to renew leases on commercially acceptable terms, and relocation requirements could disrupt operations and increase costs.
Company Analysis
from RHPMolbio Diagnostics Limited develops and manufactures point-of-care molecular diagnostic devices and test kits for infectious diseases, sold to government healthcare programs, international aid agencies, and private customers across India and 90+ countries.
Molbio Diagnostics Limited is a molecular diagnostics company founded in 2000 and incorporated in Goa, India. The company specializes in developing and manufacturing point-of-care (POC) diagnostic platforms, primarily the 'Truenat' platform, and test kits for detecting infectious diseases such as tuberculosis, COVID-19, Hepatitis B and C, HIV, and HPV. The company operates multiple manufacturing facilities in Goa, Bengaluru, and Visakhapatnam, with an R&D subsidiary, Bigtec Private Limited, based in Bengaluru. Revenue is generated primarily from the sale of diagnostic devices and test kits to Indian central and state government health programs, international aid agencies, and private healthcare operators. The company earns revenue through device sales, test kit sales, and collaborations with other diagnostic solution providers. It has also invested in and acquired stakes in complementary diagnostics businesses including Prognosys Medical Systems (radiology products), Prognosys Healthcare (India), OptraScan (digital pathology), and maintains an associate stake in Chayagraphics (India).
Objects of the Issue
- Funding capital expenditure towards the setting up of infrastructure for a research and development facility and Center of Excellence which will be operated by wholly-owned Subsidiary, Bigtec and connected office space ₹1,055.35 million p.131
- Funding capital expenditure towards the purchase of certain plant, machinery and other equipment for Goa Unit I, Goa Unit II and Visakhapatnam Unit ₹807.38 million p.133
- General corporate purposes p.138
Issue Structure
- Total Issue
- Up to [●] Equity Shares of face value of ₹ 1 each, aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] Equity Shares of face value of ₹ 1 each, aggregating up to ₹ 2,000.00 million
- Offer for Sale
- Up to 9,166,000 Equity Shares of face value of ₹ 1 each aggregating up to ₹ [●] million
- Price Band
- [●] to [●] per equity share
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 1 per Equity Share
Business Model
The company generates revenue primarily through the sale of diagnostic devices (Truenat Platform workstations) and test kits (chips, cartridges, and reagents) to customers in three segments: Indian central government health programs, Indian state government health programs, and international aid agencies. Revenue from these three channels represented 91.60% of product sales revenue in Fiscal 2024, 87.83% in Fiscal 2025, and 84.56% in Fiscal 2026. Additional revenue comes from sale of finished goods to distributors and non-government agencies. The company also earns royalty income from its subsidiary Bigtec for the use of micro-PCR technology patents and receives commission from device and solution collaborations. Working capital is financed through bank loans and internal accruals.
Business Segments
SWOT Analysis
- • Market leader in point-of-care molecular diagnostics for TB with established platform and test portfolio(p.31)
- • Strong and growing revenue from core TB diagnostics business(p.30)
- • Significant intellectual property portfolio with patents and trademarks protecting core technology(p.34)
- • Profitable operations with growing profitability trajectory(p.67)
- • Strong cash generation and balance sheet with substantial working capital(p.59)
- • Recurring revenue model from high-volume consumable test kits(p.30)
- • Experienced management team with deep expertise in diagnostics(p.44)
- • Established relationships with government health programs and international aid agencies(p.28)
- • High concentration on TB diagnostics creates business risk from disease prevalence changes(p.30)
- • Significant dependence on a small number of customers for the majority of revenues(p.28)
- • Recent losses and negative cash flows in certain subsidiary companies(p.33)
- • Subsidiary companies with negative operating cash flows creating ongoing cash demands(p.33)
- • Significant audit qualifications and observations regarding financial controls and compliance(p.35)
- • Past instances of delays in payment of statutory dues and corporate compliance failures(p.38)
- • Highly concentrated shareholder base with promoters controlling 46.65% of company(p.66)
- • R&D unit located in rented facility with no guaranteed long-term availability(p.32)
- • Expand test menu to additional 34 assays for 22 new diseases beyond current portfolio(p.31)
- • Growth in global molecular diagnostics market particularly in low and middle-income countries(p.40)
- • Establishment of new research and development facility and Center of Excellence(p.60)
- • Expansion of manufacturing capacity and installation of automation equipment(p.64)
- • Growth through strategic acquisitions and collaborations in medical devices sector(p.57)
- • Expansion of geographical presence particularly in Western Europe and United States(p.60)
- • Increased adoption through public health programs and disease surveillance initiatives(p.29)
- • Opportunity to develop new point-of-care platforms for non-communicable diseases(p.60)
- • Regulatory changes affecting medical device approvals and market access(p.40)
- • Fluctuations in disease prevalence particularly for TB affecting demand for test kits(p.30)
- • Changes in government procurement policies and healthcare spending budgets(p.29)
- • Exchange rate fluctuations affecting imported raw materials and equipment costs(p.50)
- • Supply chain disruptions affecting availability of raw materials and components(p.49)
- • Competition from multinational diagnostics companies and new market entrants(p.40)
- • Dependence on geopolitical conditions and international relations affecting global markets(p.44)
- • Rapid technological obsolescence and need for continuous R&D investments(p.40)
- • Regulatory delays or rejections for product approvals in key international markets(p.44)
- • Potential impact of new labor laws and compliance requirements on operations(p.68)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Exxora Trading LLP | Promoter | 41.23% | — |
| Dr. Chandrasekhar Bhaskaran Nair | Promoter | 5.42% | — |
| Sriram Natarajan | Promoter | — | — |
| Sangeetha Sriram | Promoter | — | — |
| Shiva Sriram | Promoter | — | — |
| Sowmya Sriram | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Molbio Diagnostics Ltd. THIS ISSUE | 14.77 | 101.51 | 56.67, computed at the offer price | 9.55, computed at the offer price | 14.55% |
| 31.79 | 306.45 | 52.61 | — | 10.37% | |
| 30.24 | 145.00 | 62.20 | — | 20.78% | |
| 9.19 | 72.98 | 63.72 | — | 12.56% | |
| 16.81 | 93.02 | 81.02 | — | 18.07% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.